The Swiss Times - Swiss News in English

Valais reports surplus of 34.1 million francs

Updated at 02 Apr 2024 10:21 am

The 2023 Valais state accounts close with a revenue surplus of CHF 34.1 million. The main reasons for the positive result are higher tax revenues and financial income than expected.

The canton's income statement for the past year shows income of CHF 4.38 billion and expenses of CHF 4.35 billion. The income surplus was lower than in recent years. Since 2017, this has always been over CHF 100 million. The budget approved by the Grand Council for 2023 provided for a revenue surplus of CHF 23.6 million.

High inflation, the absence of the budgeted profit distribution of CHF 107.3 million from the Swiss National Bank (SNB) and the increase in expenditure on asylum had a negative impact on the figures, as Finance Director Roberto Schmidt (center) said on Tuesday.

However, these points could have been offset by a containment of expenditure in most areas of government activity as well as a net increase in tax revenue of CHF 104.8 million and higher than expected financial income.

"The increase in tax revenue relates to natural persons, but also to property gains, because the real estate market in Valais is still doing very well, better than anticipated in the budget," Schmidt told the radio station Rhône FM.

Record investments

Gross investments reached a new high of CHF 557.8 million in 2023. Of this, CHF 91.1 million came from the fund for financing the investments and management of the real estate of the State of Valais (Figi Fund).

These investments once again demonstrate the government's desire to support the cantonal economy, according to the State Council's communiqué. Investments have always been high, not just during the Covid period, Schmidt continued. The canton has increased investments every year since 2018.

However, due to the impact of inflation, the canton is unlikely to be able to report record investments next year. However, they will remain at a high level, according to the State Council.


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